M-Shwari: Competency

M-Shwari: Competency

Competency at Acquisition

As in all bank accounts in Kenya, an M-Shwari account is subject to regulation requiring banks to verify the identity of the customer according to Know Your Customer (KYC) regulations/procedures. However, in the case of M-Shwari, CBA bank can do this digitally using the existing KYC details from the customer registration of the phone number (SIM) and M-PESA account, which requires physical presentation of an ID. So, for the majority of customers, opening this bank account (for many, the first in their lives) takes less than a minute.

M-Shwari: Appearance

M-Shwari: Appearance

Appearance at Activation

Appearance matters for apps. But what about simple USSD menus? Generating trust through appropriate appearance is about more than colors or fonts; it’s also about the language used. M-Shwari uses language that is simple, non-technical and very clear for the user.

Use simple, non-technical language.

M-Shwari: Control

M-Shwari: Control

Control at Activation

M-Shwari gives full control to the customer by making sure she has the chance to either confirm or cancel all transactions.
When dealing with savings, confirmation messages engender trust and mitigate fear, especially when using the service for the first time.

After a savings balance is established, customers receive another clear confirmation message.

Transparency at Retention

Clearly explain what the product will offer and what it can do for the customer.

Spell out benefits and fees.

Lay out a comprehensive list of FAQs to show you're one step ahead of the customers' queries.

M-Shwari: Commitment

M-Shwari: Commitment

Commitment & Benevolence at Activation

In the developing world, particularly among low-income customers, any unexpected fees can quickly erode trust in deposit-taking institutions. M-Shwari enshrines consumer goodwill by never charging fees for savings. Customers enjoy the following trust-inducing features:

No minimum balance.

No charges levied on the account.

No charges for moving money from M-PESA to M-Shwari account and vice versa.